Canada column for Sunday, July 10/22
THE CANADIAN REPORT (Current deata as of July 10\22)
By Jim Fox
It took only the threat of a recession for Canadian gas prices to fall to lows not seen in recent weeks.
The cost to fill up dropped by 12 cents a liter (46 cents a U.S. gallon Canadian) nationally this weekend after trending lower with the price of crude taking a big drop over recessionary fears.
The summer getaway price fell on average to $1.79 a liter ($1.44 a U.S. gallon (Canadian) across Canada.
Petroleum analyst Roger McKnight said further price cuts are coming across the country including Vancouver and Montreal to match Ontario’s cuts.
He said “market forces” are at work, with another 10-cents drop over the weekend.
A poll shows nearly seven in 10 drivers said they can no longer afford gas as it reached record highs of $2 a liter ($7.60 a gallon).
Even though Canada is oil-rich, there’s “a great deal of concern about the affordability of gas,” said Gregory Jack, and Ipsos pollster.
Canadians say they are driving less and half can’t afford to “fill ‘err up fully.
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Ontario, Canada’s most populous province, is considering expanding eligibility for fourth doses of a COVID-19 vaccine.
Chief Medical Officer of Health Dr. Kieran Moore said Ontario is experiencing seventh waves of COVID-19.
Quebec public health director Dr. Luc Boileau said the highly contagious Omicron subvariants BA.4 and BA.5 are well established there but there are signs it will peak soon.
Officials said that despite the current jump in COVID-19 indicators, there are no plans to reimpose new public health orders, such as mask mandates.
Instead, those who are infected should follow isolation guidelines and for those who haven’t received a vaccination booster should get one now.
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In brief:
- A Toronto woman who was set on fire last month in what police called a “hate-motivated attack” at a subway station has died of her injuries. The woman in her ‘20s was approached by a man at the Kipling station who doused her in a flammable liquid on a transit bus. She had second and third degree burns. Tenzin Norbu, 33, was arrested for murder.
- Financial analysts suggest the Bank of Canada is set to raise its trend-setting interest rate by 1.5 percent in two stages this summer. They are looking or a .75 percent rise in the coming week and another next month in a bid to tackle inflationary pressures, now at a record high of 7.7 percent. The central bank earlier moved the rate twice to 1.5 percent.
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Facts and figures:
Canada’s dollar is steady at 77 cents U.S. while the U.S. dollar returns $1.30 in Canadian funds, before exchange fees.
The Bank of Canada’s key interest rate is 1.5 percent while the prime lending rate at commercial banks is 3.7 percent.
Canadian stock markets are mixed, with the Toronto index up at 19,063 points while the TSX Venture index is down at 614 points.
The average price for gas in Canada on Friday was lower at $1.95 a liter or $7.41for a U.S. gallon Canadian.
Lotto Max: (July 5) 12, 29, 33, 35, 38, 41 and 46; bonus 13. (July 1) 1, 11, 13, 14, 25, 36 and 47; bonus 50.
Lotto 6/49: (July 6) 25, 33, 34, 35, 37 and 46; bonus 30. (July 2) 1, 4,7, 33, 36 and 47; bonus 2.
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Regional briefs:
-Patrick Brown, Mayor of Brampton, Ontario,has been disqualified as a candidate for the national Conservative leadership. The move came as a whistleblower said she had proof of improper campaign financing by Brown who was seeking to succeed former Conservative leader Erin O’Toole.
- Calgary Transit in Alberta wants to liven up commutes with the launch of a karaoke bus. “This is one of the ways we’re bringing some fun into your commute,” it said. Throughout the summer, the bus will go on tour to entertain at random bus routes and special events. “You never know when you might step onto your bus and be dazzled by the sensational vocals of one of your co-commuters,” it said.
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